Principles of Financial Planning

Question 1

Forty-two percent of federal revenue comes from .

Revolt · Accepted Answer

C: individual income taxes

Question 2

The W-4 form is completed by an individual when he or she first starts a new job.What does this form help to determine?

Revolt · Accepted Answer

C: The amount of money that should be withheld in federal taxes.

Question 3

Citizens file income taxes to ensure that they will receive a if they paid too much in taxes throughout the year.

Revolt · Accepted Answer

A: refund

Question 4

The total cost of the food and drinks before taxes was .

Revolt · Accepted Answer

B: $10.00

Question 5

Failure to pay taxes on time may result in .

Revolt · Accepted Answer

C: penalty fees

Question 6

Income taxes paid by businesses and corporations make up about of federal revenue.

Revolt · Accepted Answer

A: 9%

Question 7

Employers supply a to help citizens file their tax returns.

Revolt · Accepted Answer

A: W-2

Question 8

The buyer paid in sales tax.

Revolt · Accepted Answer

A: $0.85

Question 9

Tax payments may be collected through and interest will accumulate on the unpaid balance until the taxes are paid in full.

Revolt · Accepted Answer

B: wage garnishment

Question 10

Taxes collected for Social Security and Medicare make up of federal revenue.

Revolt · Accepted Answer

B: 40%

Principles of Financial Planning Answers